Herborium Group Inc. (PINK: HBRM), a botanical therapeutics company focused on developing, licensing and marketing of botanical-based medicinal products, today, announced a 100 million share buyback program. The announcement has sent HBRM shares sharply higher today.
Teaneck, New Jersey-based Herborium said that its Board of Directors approved a new share buyback program and as a first step of the buyback program, the company has been authorized by the Board to buy back up to 100 million of its common shares in the open market in 2012.
HBRM decided to buyback shares to increase the value to the shareholders and to tighten up its free trading float as all shares repurchased under the program will be retired.
Commenting on the buyback program, Dr. Agnes Olszewski, Chairman and CEO of Herborium, said that the company is excited to confirm its commitment to increasing shareholder value beginning at the foundations. Dr. Olszewski noted that the buyback is the first of several material steps as HBRM prepares itself for listing to the OTCQB.
Herborium shares have risen sharply following the announcement. At last check, the penny stock was trading 52.78% higher at $0.0110 on above average volume of 131.92 million.
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